>> welcome to a special friday edition of the young turks. rick santorum out of the race? >> no, but don't buy futures in rick santorum. >> we'll discuss why he might be out of the race soon. i'm not going to lie to you. the story we have on mitt romney is by far the most unbelievable think you've heard about him. it's incredible. i'm not playing with you. you really want to see i did later in the show. >> we'll show you how buying politicians makes rich people so much money. we're going to use newt's sugar daddy to show you the numbers. did you know threatening war with iron makes billions for some people? that might be why they're doing it. >> turns out michael's son might

be a national celebrity. it's true! we'll tell you about that later in the show, as well. you know what? go time. >> all right now one of the things we do is break down republican talking points. we crush them be in fact, because we like that and it's fun. one of the talking points you always hear is that we have to give tax breaks to rich executives because they create jobs. mitch daniels made that point. listen to what he said. >> the late steve jobs, what a fitting name he had created more of them than all those stimulus dollars the president borrowed and blew. >> and what a fitting name he had.

ok, mitch, i got it. the reality is that's not true at all. not that steve jobs didn't create jobs. he did. the question is where did he create them? >> there was an excellent article apple that 43,000 jobs in the u.s. and abroad, 700,000 jobs. they might create jobs but they're in china not here. how about the auto bailout? what happened after the preauto bailout and post auto bailout 14.1% unemployment, after the bailout, 9.3. i believe that's more jobs in michigan. when you hear that talking about, understand what kind of nonsense it is. now where it gets maddening is when you talk about the companies that went bankruptcy

and how their c.e.o.'s got paid anyway. wall street journal had an excellent article about this. one example was a company called lesa corporation. they cut 28 factories, 28,000 jobs, a lot of jobs to cut. they wiped out shareholders. so you know who the shareholders are, right? they're the guys who owned the company, gone. obviously if the shareholders got cut employees got cult, the executives didn't get anything, right? wrong again. the executives got a combined $20.6 million. why? why on god's green earth when you bank resulted a company should we give it to you? the judge said it's customary.

i'm sure at their cocktail parties, well of course issued get $20 million for bankrupting a company i do declare. $5.4 million for gross incompetency. can you imagine you screw up at work and they say oh my god you sank the whole company bob here's $5 million. no wonder they sink all these companies. unbelievable. but it's not just lear corporation. 21 companies got a combined $350 million. they get rewarded for screwing up. god, there's such injustice. the average c.e.o. of those companies that went bankrupt, average salary after bankruptcy for those c.e.o.'s, $8.7 million. that's before they were

bankrupt, not before, while they were bankrupt. why are we paying them when they're losers? because they've actually captured the whole system. this isn't how capitalism is supposed to work. if you bankrupt a company, you should get $8 million. that's not how it's supposed to be. the problem is we have a lube hole in apartmentallism where corporate executives don't give a damn about the owners of the company. they go to bankruptcy proceedings with their friends that happen to be judges and they all think well it's all very customary. some companies make it out of the bankruptcy, some don't. circuit city is gone. their top executives got $2.3 million while they were in bankruptcy. you can't even justify it with well after they come out of bankruptcy no, we just gave them the money while the companies were bankrupt. it's an absolute crime. that's not our money. that's shareholder money.

how about taxpayer money? we just got a new report out from the tarp watchdog. companies like a.i.g., ally still owe the united states government over $30 billion. what did they are executives get through 2009 through 2011? $4,075,000,000. they still owe us would be why the hell are we giving them $475 million? these guys have found a way to buy the politicians and funnel the money to themselves. ally c.e.o. michael carpenter told tarp that the $500,000 annual cash salary limit was con training. was it? we had an individual who was making $1.5 million total compensation with $1 million in cash. cutting this person's salary to

$500,000, this individual is in their early 40's with two kids in private school who is now considered cash poor. if you only have $500,000 after you've bank resulted your company, i feel so bad for you you're cash poor, you only have half a million dollars. maybe you shouldn't have bank resulted the company and had the taxpayers bail you out. they don't think about us. they think about themselves. i do declare the poor guy only has $500,000. you feel sorry for them? i feel sorry for the taxpayer that had to pay for his sorry ass. a.i.g. ally, there shouldn't be any top executives that have jobs. i don't know if you'll see it anywhere else on t.v., but we're

going to keep pointing it out and showing you how they're robbing you. it's true and you see it in the numbers. we don't jut have an opinion here, we prove it with the facts. all right. now, when we come back, news about the election. i tell you there's dramatic ron paul and rick santorum news but you don't want to miss the mitt romney thing. it's about what they did with a family number in relation to mormonism. it's crazy dog. we'll tell you about it when we come back.

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>> is it a nerd, is it a brain? no, it's epic politics man. michael has campaign news. first, what's the tate have the race? >> the state of the race right now, you have to look at it in two different ways. there's the state of the florida race next week and then the state of the nomination, the nomination process and those are two wildly different races right now. mitt romney is polling twice at eight and nine points better in florida. here's a poll in florida you see romney 38% gingrich at 39 and paul and santorum 14 and 12. it should be reversed.

santorum is last in all the polling right now in florida and national. in florida, it's a big state. >> totally big state. >> i know you live there. you remember how big it is. >> it's gigantic. >> retail politicking is out the window. >> i don't believe in retail politicking at all. i think that's old school, like oh, mr. smith. no these super pack ads are crushing retail politicking. politics is so much more important than shaking bob smith's hand. >> if it's going to work, it's not going to work in florida. if you look at iowa and say this man with the funny sweaters can win iowa, it has some effect. it has none in florida. >> it looks like romney is pulling away. >> in florida and that's what's

happening coming out of south carolina didn't seem like that would be the case. when you look nationally, here's the gallup national poll. that mirrors another poll today showing that newt gingrich is ahead. >> what do you think? is that attributable to gingrich is ahead overall? >> i think there is a wall that mitt romney runs into that he will not stop running into. he runs into the wall of conservatism. he cannot win them over. he has to do it in a broadway with the south with the tea party, it's very, very difficult. >> there are more conservative states early on in the primary process so that could become relevant. rick santorum has decided that he's going to take his sweater vest home for a little bit.

he's going back home to do taxes. nonsense. it made me think of rick perry going back home to reassess. any chance he drops out? >> he has a huge money problem. he's not getting anywhere in florida. it's not a bad idea to go home and the idea of doing his taxes continues the narrative that he started in the debate a couple of weeks ago where he says i vice president done my taxes yet, they're sitting on my computer at home. >> oh, he's a common man, i got it. >> until you read into him he's common. >> right. >> the thing that santorum is lacking is money momentum, he seems even to be lacking passion now. he cannot break through and i think that it's probably the end for him. >> one of the reasons he might be doing it is he says florida's not important i went home. >> that's kind of a shwang argument to make. doesn't gingrich have more momentum if he drops out? >> you have to assume that.

there are states coming up where santorum if he's going to make a play, i think he's waiting for gingrich to implode. that's as i say strategy, otherwise he can't win the nomination. >> what's next? >> continue on the polls amounts bit here, the most important i sauteed were polls that showed president obama for the first time beating mitt romney, up six points on him here. >> huge note of caution. i don't want people to get too excited about that. they haven't hit obama with negative ads at all yet. >> they haven't hit him with it before earth and you see a trend going one way without those being part of it. the president up 18 points on newt gig. >> wow. >> up fewer points on santorum than gingrich. >> gingrich is intensely unlikable. in the general election, what's going to happen is they are

going to rip down obama as they have ripped each other down in the primaries. newt's got the negatives mitt's got the negatives. obama doesn't have them yet. it's encouraging that he has a huge lead on gingrich and sizeable on mitt. >> both of those men have been running against barack obama for a number of months. you see newt gingrich talking about obama constantly. in some cases there have been negative ads against the president where they talk about how bad obama care has been. he's getting hammered. >> i hear you. >> it's not been just praise for the president. last night there was a debate held in florida and there were some contentious moments. a lot of people thought this is the debate mitt romney one and newt gingrich lost. i disagree. i don't think there was there clear leader. it wasn't a great debate for

gingrich. >> you're saying if newt gingrich doesn't wind up breaking somebody's ankles, it's i don't think mitt won. >> there was a radio ad, an interesting exchange between romney and gingrich about and let's listen to it here about a radio ad that gingrich is accused of running. >> you've had an ad running saying that speaker gingrich called spanish the language of the ghetto. what do you mean by that? >> i haven't seen the ad. i don't know what -- did he say that? >> as much as governor romney doesn't particularly like my use of language, i found his language equally offensive. >> i doubt that's my ad, but we'll take a look and find out. >> i doubt that's mine but let's take a look at it. >> we did double check just now governor, that ad where i q quoted you as saying that speaker gingrich called spanish the

language of the ghetto, it was one of your ads running in florida on the radio and at the end you say i'm mitt romney and i approved this ad. >> let me ask you a question. let me ask the speaker a question. did you say what the ad says or not? >> it's taken colt out of context. i did not know -- >> they're like children. >> two kids in front of the principal. >> and the principal's a robot. >> we have found the ad and the ad says you supported it. mitt romney looks bad there ok, because he's so disingenuous. on the other hand, he's right newt did say it and that's because they were in a race at the bottom for who could insult immigrants more earlier when they were in south carolina, now they're in florida, all of a sudden they love latinos. they're all como esta.

>> that's been basically the theme of this race, the contentiousness. >> it turns out that the romney family baptized his father-in-law, a desouth atheist who lived his life saying organized religion was hog wash. >> why did he agree to the baptism. >> you would assume he'd agreed, but he'd been dead 14 months when this occurred. >> you know these people are crazy. the guy is dead, underground. >> he's dead and buried. before dying he spent a lifetime saying that organized religion was hog wash yet the family and the romney family had worked to baptize his entire family and had great success baptizing his wife's siblings in you never could break the old man until the old man broke. >> i know all the religions have

their particular beliefs et cetera, but baptizing a dead guy is just cuckoo for cocoa puffs. jews have said stop baptizing jews that died. >> in 1995, the mormon church said we will no longer baptize dead jews. the fact that there is a religion that has to say that is incredible. >> i'm with the father-in-law. once i'm dead, i'm dead, go ahead all of you baptize me, the mormon, catholics, whoever you want go for it. >> it's not going to do very much. >> but it is kooky. >> it's going to follow mitt romney. >> i have a question that reporters should ask did mitt romney personally baptize his dead father-in-law? >> somebody has to be there.

>> he's some kind of bishop voodoo thing in the mormon church. >> the tither in chief. >> i would love to say the question asked at the debates. imagine gingrich, you liberal. michael, thank you man. michael's going to be back to talk about the sudden fame his son has gotten, which is amazing. >> newt's sugar daddy how much money will he make if newt gingrich wins?

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hi, back on the young turks. we told you a little bit about sheldon adelson the sugar daddy of newt gingrich giving him money. they agree that israel should be completely hard right wing and palestinians should not get a state. we talked about that before. we haven't told you how much addlele son would make if good beginning would become president. we did the math on it. first, a little clip from world news. >> i think it was on nightline. so he's got a big checkbook right? let's compare him to mitt romney. mitt romney is incredibly rich.

he has about $250 million and sheldon adelson is crushing him at $21 billion. he is 84 times richer than mitt romney. ok so, we did a little bit of math. now, if sheldon adelson is making the same amount of money as mitt romney is in relationship to their net worth he would actually be making $1.76 billion. now, if he paid 15% on that, he would be paying in taxes $264 million. remember president obama has the buffet rule, and he wins, then it would be 30% tax on all millionaires in which case sheldon adelson would have to

pay $27.9 million. what's the difference? $265 million. that's the tax savings he would have under a republican president. that means he can give 26 times that amount and he would still come out ahead. that's the most conservative estimate. actually, if most of his money or all of his money were made in capitol gains newt gingrich wants to knock that down to 0%. adelson would safe $529 million a year if newt gingrich were president. gee, i wonder why he's giving him $10 million. if newt winds up winning ile be the greatest investment of adelson's life. these are rough calculations, but we'd like to challenge sheldon adelson to release his tax returns. he's having such an norm mouse

effect on this race, shouldn't we know who newt's sugar daddy is and where he's getting his money? newt gingrich was dead and buried until adelson gave him $5 million in south carolina and another $5 million in florida. lets see his tax returns so we would know how much money he would save if his man were in the white house. very relevant. we are curious about all these different tax returns and wanted to know how a big city certified public accountant played with the numbers. we sent the young turks brian unger to california to ask what he needs to do to get romney's special tax rate. >> i will release my tax returns for 2010, which is the last returns that were completed. we just made a mistake in holding off as long as we did. it just was a disistraction. >> these are mitt romney's tax

returns. >> ok, you mind if i touch it. >> ok. just object ok, w wow that is some major returning. this would be like a rich person's tax return would look like this. i'm more like this and then here's the romney. how can i get a tax return like this? >> do you think you could start a really large private equity firm that would be really successful. >> i have a chase checking account and savings account. i even think they're linked. however am i away from this kind of money. >> probably like from here to pluto. >> what percentage of americans do you feel file tax returns this big? >> i would say a lot less than 1%. >> the total income for 2010 was $21.6 million, and more than one half of that came from capitol gains. >> that's right. the big advantage he's getting is most of his income is from

capitol gains from selling stocks and bonds and companies and dividend income. if you wanted to lower your taxes, you could give 10% of your money to the mormon church, that would help, too. >> even if i'm not mormon? >> correct. >> where could i buy capitol gains, what are they? how do i get the romney rate. >> you just have to buy something that goes up in value. >> buy things that go up in value. that would be what? >> it's simple, like stock? >> stock would be a great example, if you could buy apple 10 years ago and sell it today you'd have a night big fat capitol gain and get to pay a really low rate of taxes on that. capitol gain could be 15%. >> ok, so the romneys are right in the sweet spot when it can ums to capitol gains. >> they have a very good mix of income to pay really low rates. >> a blind trust, they have one

of those. i have a trustee that manages my investments in a blind trust. that's so i would avoid conflict of interest. he said that he wanted to diverse i didn't have. i paid full taxes. there's nothing wrong with that. >> it seems really rich, powerful people have blind trusts. usually the people that set up blind trusts are involved in some kind of political or government position where they might be in a situation where they'd have some inside scoop or be ail to influence things, and so in theory, the blind trust means you don't get to see exactly what's inside it, and somebody else is making all your investment decisions. >> do you get a monthly statement every month? you have got to be really rich to say i have no idedehat's going on with my money. >> you have to be very trusting

of the trustee. >> basically you would get a monthly statement that you would open up and say hey you're still rich. >> brian kept asking, i want one of those too. we all look at it, yeah, how do i pay less taxes. the problem is the rich get richer. they have the money for accountants, lawyers loopholes. some is not acceptable when they influence politicians or like mitt romney just become politicians. wouldn't it be great if iings substitutes a lower tax rate for myself. or you could do like mitt romney did, hide money in swiss bank accounts bermuda, et cetera. >> is threatens war with iran part of a reason to hurt barack

obama? we'll explain the details when we return. ccm00023